National Insurance Academy, Pune|Financial Management & Financial Services
P682 | Programme on Audit & Accounting Standards (LIC)
Academic Year 2026-2027
Duration
2Days
Scheduled Dates
23 Jul 2026 - 24 Jul 2026
08 Oct 2026 - 09 Oct 2026
Background
Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting Standard adopted by companies in India. It was issued under the supervision of Accounting Standards Board (ASB) constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) consisting of representatives from government departments, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.
Companies are required to follow Ind-AS either voluntarily or mandatorily. Once a company follows Ind-AS, either mandatorily or voluntarily, it can't revert to old method of accounting.
Financial statements have incredible importance for both internal and external stakeholders. They basically are a report card of the performance of the company. It is, therefore, important that they are regulated and do not report misleading information. The Accounting Standards (AS) provide us with a framework for this regulation.
Learning Objectives
To learn about recognition of financial events
To Learn Measurement of financial transactions
To learn Presentation of financial statements in a fair manner
To learn Disclosure requirement of companies to ensure stakeholders are not misinformed.
To learn about reliability & comparability of financial statements
To enhance the awareness, understanding of participants about IND-AS and increase their operational competencies.
Key Contents
Basic principles of auditing, auditing techniques & Auditing Standards
Role of auditors in a life insurance company/understanding basic functions of life insurance business
Aspects of Taxation in Life Insurance Company
verview of Current accounting standards, GAAP
Forensic audit and cyber frauds in Life Insurance business (preferably by experts in the field)
Regulatory requirement and auditing (preferably by LIC Faculty)
Information System Audit of Life Insurance companies
Consolidation of Accounts and Auditing
Financial Statement of Listed Companies- LODR
Regulations on Accounting Standards (IFRS/IND AS applicable to insurance industry) ( By LIC Faculty only)
Case studies & Group Discussion with LIC officials
Who Should Attend
Officers in the cadres of AAOs/AO/ADM/DM/SDM in the F&A Departments of DO/ZO/CO, preferably Chartered Accountants. Nominations to be made by ZO & CO HRD Departments.
Trainees nominated for this programme in the last two years should not be renominated.
